Hong Kong underwent many changes in the seventies. It transitted from a manufacturing centre to a financial centre. The seventies is one of the most propsperous periods in Hong Kong, and paved way for today's leading role in the world's finance. It is now recognized as one of the leading cities in Asia, and one important city in the world. On July 1, 1997, the Peoples Republic of China (PRC) resumed its exercise of sovereignty over Hong Kong, ending more than 150 years of British colonial control. ... Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures. ... Finance addresses the ways in which individuals, business entities and other organizations allocate and use monetary resources over time. ... A satellite composite image of Asia Asia is the central and eastern part of the continent of Eurasia, defined by subtracting the European peninsula from Eurasia. ...

Industry

The industries in Hong Kong seventies are mainly focused in clocks and watches industry. They are based upon the 50's and 60's, where a large number of residents in mainland China migrated to Hong Kong and thus provided cheap labour supply. Yet in these twenty years they are already more educated than before, and they had better knowledge and more advance technology. Thus industry shifted from the plastic industry, wigs industry, toys industry in the 50's, to the electronics industry, clothing industry in the 60's, finally to the clocks and watches industry. A clock (from the Latin cloca, bell) is an instrument for measuring time. ... Pocket watch A watch is a small portable clock that displays the current time and sometimes the current day, date, month and year. ... In this map of China, the light-coloured areas represent Mainland China, while yellow coloured area refers to Taiwan. ... The term plastics covers a range of synthetic or semi-synthetic polymerization products. ... This article needs cleanup. ... Green Razor Scooter This article is about things that people play with. ... Look up Electronic in Wiktionary, the free dictionary Electronic can refer to many things: Objects related to electronics The band Electronic. ... (See also List of types of clothing and Clothing terminology) Humans often wear articles of clothing (also known as dress, garments or attire) on the body (for the alternative, see nudity). ...

The road to financial centre

At the time, other rapidly developing economies in Singapore, South Korea and Taiwan underwent developments similar to Hong Kong, thus producing similar and competetive products. Hong Kong people, with a rising living standard, were unwilling to develop industries at low wages and cheap land prices. The competetiveness of Hong Kong products fell greatly.

Moreover, the world at that time were recovering from the Great Depression, that most countries started adopting protectionism to protect their local industries and products. Measures were set up to limit imports from other countries, including Hong Kong's. Losing this market, Hong Kong people gradually abandoned industries, and started the path to developing a financial centre. The Great Depression was a massive global economic recession (or depression) that ran from 1929 to 1941. ... Protectionism is the economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. ...

Education

The Hong Kong government introduced the 6-year free compulsory primary education in 1971, and expanded it to 9-year in 1978. 1971 is a common year starting on Friday (click for link to calendar). ... 1978 was a common year starting on Sunday (the link is to a full 1978 calendar). ...

Housing

The Home Ownership Scheme was introduced in 1976 to help people own properties. The government built houses and sell them at a price lower than market's. Home Ownership Scheme (居者有其屋計劃), is a housing programme in Hong Kong, selling of apartment flats at a price lower than the market, with subsidies on the land value by the government. ... 1976 is a leap year starting on Thursday (link will take you to calendar). ...

Entertainment